Canada’s OSC warns against unauthorized binary options broker OptionRally

Canada’s OSC warns against unauthorized binary options broker OptionRally

OSC

The Ontario Securities Commission (OSC), one of Canada’s provincial regulatory bodies, has issued warning notices against TCM Investments Ltd. and AD Parnters Solutions Ltd., both doing business as binary options brokerage OptionRally (www.optionrally.com), since the companies provide financial services without being authorized to operate in the province.

Neither of the two companies is registered in Ontario to engage in trading in or advising on securities.

TCM Investments claimes to be headquartered and registered in Belize, while AD Parnters Solutions is based in the UAE.

OptionRally is a colelctive brand for several companies. OptionRally Financial Services Ltd. is an entitiy licensed by the Cyprus Securities and Exchange Commission (CySEC) and TCM Investments Ltd., which is regulated by the International Financial Services Commission (IFSC) of Belize.

In the recent past, the broker has been going under a hard time. Following regulatory amendments in Cyprus regarding binary options, OptionRally had to shut down its customer service center in Israel and to lay off hundreds of employees.

It has been included in the warning lists of other authorities, including in Japan and Australia, for operating unauthorized.

In Canada, the financial markets in the different provinces is regulated locally and their jurisdictions may vary. The OSC is in charge of the capital markets in Ontario, Canada’s largest province by population.

The regulator maintains a searchable register where investors can check whether a giver entity is authorized to provide financial services in Ontario.

When engaging with unauthorized and non-regulated brokers, traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

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